Loans

Loan Products:

• Signature (Personal Loan) – 1-5 years

• New Auto – 2-7 years

• Used Auto – 2-6 years

• Share Secured – 2, 3, & 5 years

• Tuition – 1-3 years

• Bill Consolidation – 1-4 years

• 1-Year Special

• Line of Credit/Overdraft Protection for Share Draft

Visa Credit Cards

Apply For A VISA Classic Or VISA Platinum Credit Card!

Visa Share Secured - 15.00% APR*

Visa Classic – 11.00% APR*

Visa Platinum – 10.00% APR*

• No Annual Fees

• No Balance Transfer Fees

• No Cash Advance Fees

• No Foreign Transaction Fees

Current Visa Credit Cardholders – Access your Hawaiian Electric Employees FCU: Visa Online

*To report a lost or stolen Visa Credit Card, please call the 24-hour customer service line: 1 (800) 247-4222

Penalty fees for the VISA Classic/VISA Platinum Credit Card include:

• Late payment fee – up to $20.00

• Returned payment fee – up to $25.00

• Rush fee – $20.00

• Emergency card replacement fee – $150.00

Home Loans

First Mortgage Loans

Are you in need of financing your dream home or considering refinancing an existing home? Hawaiian Electric Employees FCU offers a complete range of mortgages to fit your needs. For more information and current rates, please call us at (808) 451-3693. We will pre-qualify you for the most home your budget can afford.

Home Equity Line Of Credit (HELOC)

Need help with large expenses, home improvement, bill consolidation, or taxes? Use the equity in your home to send your kids to college, finance a dream vacation, start a business, purchase a new vehicle, or do home renovations. The interest paid may be tax deductible. (Consult your tax advisor)

Our HELOC Offers You Added Convenience And Benefits By Using A Platinum Visa Credit Card To Draw On Your Line Of Credit.

• 10-year draw period, then variable monthly amortized payments over 15 years

• Minimum monthly payment is 1% of the balance or $100.00, whichever is greater

• No annual fees or closing costs unless closed within 2 years of open date

• No appraisal cost

• 80% LTV with a maximum lending amount of $200,000.00

• Approval time as fast as 2 weeks upon receiving all documentation

Important Things to Know WHen Considering A HELOC With HECOEFCU:

We currently offer 3 promotional rate periods: 1 year, 2 years, or 3 years. This means at closing, you will need to decide which special you would like to go into. For example: if you chose 3 years at the 3-year promotional rate, the first 36 months of the loan, you only pay that rate on any purchases/balance transfers or cash advances. On the 37th month, the rate will change to the Wall Street Journal (WSJ) prime rate plus 1% margin. 

Our HELOCs are a 10-year draw and a 15-year payback period. For the first 10 years, it functions like a credit card. You use it, you pay it back, and repeat. The minimum payment is 1% of the outstanding balance or $100.00, whichever is greater. For example: If your balance is $200,000.00, the minimum due would be $2,000.00. On year 11, the payment will become amortized over 15 years. This means that you can no longer use the line, and the remaining balance will be spread out over 15 years, where you will pay principal and interest.

We provide a HECOEFCU Platinum Visa Credit Card to you following closing so that you have an added convenience to access your line of credit. You may use the line with your credit card, or the credit union can transfer the funds from your line to your HECOEFCU account. Members may withdraw from their account as needed (cash or check available).

There is a pre-payment penalty if you close your HELOC within the first 2 years. You will want to keep this in mind when considering the HELOC product.

PALs (Payday Alternative Loans)

Introducing HECOEFCU’s newest loan product – PALs (Payday Alternative Loans)

Don’t be lured in by the high interest rates of traditional payday loans. Meet your new credit union PAL today and get your funds with ease and convenience. Contact us at (808) 451-3693 or crunion@hecoefcu.org for more information.

• Break free of your dependency on high-cost payday loans

• Borrow as little as $200.00 or up to $1,000.00

• Take up to 6 months to repay your loan through monthly installments

• Our low APR is much lower than the extremely high interest rates that traditional Payday Loans offer

• $20.00 application fee required upon submittal

• Subject to credit approval (minimum credit score of 550)

• Automatic payroll deduction setup available

Sample Loan Amortization Schedule for PALs